SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 23, 2001

PLUM CREEK TIMBER COMPANY, INC.
(Exact Name of Registrant as Specified in its Charter)

DELAWARE 1-10239 91-1912863
(State of Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)

999 Third Avenue, Seattle, Washington 98104-4096
(Address of Principal Executive Offices) (Zip Code)

(206) 467-3600
Registrant's Telephone Number, including area code

Item 5. Other Events.

Attached hereto as Exhibits 99.1 and 99.2 are press
releases issued by Plum Creek Timber Company, Inc. on October 23, 2001
which press releases are hereby incorporated herein by this reference.

Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.

(a) Financial Statements of Business Acquired.

Not required.

(b) Pro Forma Financial Information.

Not required.

99.1 Press release issued by Plum Creek Timber Company,
Inc. on October 23, 2001.

99.2 Press release issued by Plum Creek Timber Company,
Inc. on October 23, 2001.

SIGNATURES

Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.

PLUM CREEK TIMBER COMPANY, INC.

By: /s/ James A. Kraft
-----------------------------------------
Name: James A. Kraft
Title: Vice President, General Counsel
and Secretary

DATED: October 29, 2001

PLUM CREEK TIMBER COMPANY, INC.

Exhibit Index to Form 8-K

Exhibit No.

99.1 Press release issued by Plum Creek Timber Company, Inc. on October
23, 2001.

99.2 Press release issued by Plum Creek Timber Company, Inc. on October
23, 2001.

<page>

Exhibit 99.1
------------

Plum Creek Timber Company, Inc. Reports Results for Third Quarter and Nine
Months 2001

SEATTLE--(BUSINESS WIRE)--Oct. 23, 2001--Plum Creek Timber Company, Inc.
(NYSE:PCL) today announced third quarter earnings of $16.9 million, or
$0.24 per share, which includes $2.7 million, or $0.04 per share, of
expenses related to the merger of Plum Creek and The Timber Company,
formerly a separate operating group of Georgia-Pacific Corporation.

Third quarter 2000 earnings were $9.5 million, or $0.14 per share,
including $2.2 million, or $0.03 per share, of expenses related to the
merger.

Earnings for the first nine months of 2001 were $84.9 million, or $1.23 per
share, including a one-time gain of $24.7 million, or $0.36 per share, from
the March sale of Plum Creek's southwest Washington timberlands to Pope
Resources and $7.7 million, or $0.11 per share, of merger related expenses.
Earnings for the same period in 2000 were $111.1 million, or $1.61 per
share, including a one-time gain of $49.9 million, or $0.72 per share, from
the sale of Plum Creek's St. Maries, Idaho timberlands to Crown Pacific
Partners and $2.2 million, or $0.03 per share, of merger related expenses.
Excluding one-time items, results for the first nine months were $0.98 per
share and $0.92 per share for 2001 and 2000, respectively.

EBITDA, a measure of cash flow defined as operating income plus
depreciation, depletion and amortization, was $46.0 million for the quarter
and $145.0 million for the first nine months of 2001, compared to $36.9
million and $147.1 million for the prior-year periods. Plum Creek ended the
quarter with $159.2 million in cash and cash equivalents.

Plum Creek's quarterly dividend will be announced later today, following
the company's Board of Directors' meeting.

"We're pleased with the results of the third quarter. On Oct. 6 we closed
the merger with The Timber Company and are now focused on capitalizing on
the strong growth potential this combination provides. With our management
team in place, we are executing a quick and seamless transition. We are in
the process of formulating a detailed business plan for 2002 that will
quantify the new opportunities presented by the size, breadth and diversity
of our combined land portfolio. Our harvest profile gives us a growing core
cash flow, and we're aggressively moving forward on new opportunities in
our real estate and natural resource businesses," said Rick Holley,
president and CEO.

Review of Operations

Third quarter 2001 performance showed significant improvement over the same
period last year. Year-over-year improvements in lumber and plywood prices
combined with a higher level of real estate sales to increase net income
over 75%. Lumber and plywood prices were up 8% and 7%, respectively, over
the third quarter of 2000. In addition, stronger than expected real estate
sales activity offset weaker sawlog and pulpwood prices for the same period
in 2000.

Outlook

"As we move into the fourth quarter, we expect our geographic and product
diversity to lessen the impact of a slowing macroeconomic environment,"
said Holley. "Timber markets are inherently local in nature and our outlook
for the coming quarter reflects varied demand and pricing conditions across
our newly expanded landscape."

Plum Creek expects demand in the fourth quarter to be fairly consistent
with third quarter levels. This is due in part to our fiber supply
agreements in many regions. These agreements are expected to provide Plum
Creek with a level of stability in both harvest volumes and prices.
Customers are almost universally uncertain about demand for their products
which is translating into cautious buying on their part.

Timber prices are expected to be sequentially flat to slightly down in most
regions in the fourth quarter. Nevertheless, Plum Creek expects pockets of
relative pricing strength in western regions of the South, especially for
hardwood sawtimber and pulpwood where a return to more normal rainfall has
restricted logging in low-lying hardwood lands.

The real estate business is expected to remain reasonably strong during the
fourth quarter while results from the company's manufacturing businesses
are expected to be affected by lower levels of demand and weaker pricing.

The fourth quarter of 2001 will be the first reporting period for Plum
Creek following the merger with The Timber Company.

Earnings Conference Call and Supplemental Information

Plum Creek will hold a conference call today, Oct. 23, at 2:00 p.m. PDT to
discuss these results, the progress of its merger integration and the
outlook for the fourth quarter. To access the call, dial 877/679-9045 prior
to the scheduled start time and reference access code 5555175. A recorded
replay of the call will be available afterward for 48 hours by dialing
800/615-3210 and entering the same code.

Supplemental financial information, for both Plum Creek and The Timber
Company operations, including statistical data, is available in the
investor information section of Plum Creek's website at www.plumcreek.com.

Plum Creek, a real estate investment trust, is one of the largest land
owners in the nation, with over 7.8 million acres of timberlands in every
significant timber-growing region of the United States and nine wood
product mills in the Northwest.

Forward-looking Statements

This press release contains forward-looking statements within the meaning
of the Private Litigation Reform Act of 1995. Some of these forward-looking
statements can be identified by the use of forward-looking words such as
"believes," "expects," "may," "will," "should," "seek," "approximately,"
"intends," "plans," "estimates," or "anticipates," or the negative of those
words or other comparable terminology. The accuracy of such statements is
subject to a number of risks, uncertainties and assumptions including, but
not limited to, the cyclical nature of the forest products industry, our
ability to harvest our timber, our ability to execute our acquisition
strategy, and regulatory constraints. These risks, uncertainties and
assumptions are detailed from time to time in our filings with the
Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended, and the Securities Act of 1933, as amended. It is likely
that if one or more of the risks materializes, or if one or more
assumptions proves to be incorrect, the current expectations of Plum Creek
and its management will not be realized. Forward-looking statements speak
only as of the date made, and neither Plum Creek nor its management
undertakes any obligation to update or revise any forward-looking
statements.

PLUM CREEK TIMBER COMPANY, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)

Quarter Ended September 30,
---------------------------
2001 2000
---- ----
(In Thousands, Except Per Share)

Revenues $ 163,558 $ 41,539
---------------- ---------------
Costs and Expenses:
Cost of Goods Sold 120,097 16,367
Selling, General and Administrative 10,121 2,283
Merger Expenses 2,706 2,178
---------------- ---------------
Total Costs and Expenses 132,924 20,828
---------------- ---------------
Operating Income 30,634 20,711
Interest Expense (14,672) (11,548)
Interest Income 1,543 893
Gain (Loss) on Disposition of Assets - Net 2,052 (182)
---------------- ---------------

Income before Income Taxes, Equity
in Earnings of Unconsolidated
Subsidiaries and Preferred
Stock Dividends 19,557 9,874
Provision for Income Taxes (2,690) --
Equity in Earnings (Loss) of
Unconsolidated Subsidiaries
and Preferred Stock Dividends -- (366)
---------------- ---------------
Net Income $ 16,867 $ 9,508
================ ===============
Net Income per Share - Basic & Diluted $ 0.24 $ 0.14
================ ===============
Weighted average number of Shares
outstanding - Basic 69,187 69,181
---------------- ---------------
Weighted average number of Shares
outstanding - Diluted 69,351 69,228
---------------- ---------------

Contact:

Plum Creek Timber Company, Inc.
John Hobbs, 800/858-5347
www.plumcreek.com

<page>

Exhibit 99.2

Plum Creek Timber Company, Inc. Announces Quarterly Dividend of $0.57 Per Share

SEATTLE--(BUSINESS WIRE)--Oct. 23, 2001--Plum Creek Timber Company, Inc.
(NYSE:PCL) today announced a quarterly cash dividend of $0.57 per share,
payable on November 30, 2001, to shareholders of record as of November 16,
2001.

Plum Creek anticipates that the regular dividend for the fourth quarter of
2001 will be accelerated and paid prior to December 31, 2001, and that this
payment will be sufficient to accomplish the required distribution of The
Timber Company's historic earnings and profits. No special dividends will
be necessary to comply with applicable tax rules pertaining to REITs.
Normally the fourth quarter dividend would be paid at the end of February.

Forward-looking Statements

This press release contains forward-looking statements within the meaning
of the Private Litigation Reform Act of 1995. Some of these forward-looking
statements can be identified by the use of forward-looking words such as
"believes," "expects," "may," "will," "should," "seek," "approximately,"
"intends," "plans," "estimates," or "anticipates," or the negative of those
words or other comparable terminology. The accuracy of such statements is
subject to a number of risks, uncertainties and assumptions. These risks,
uncertainties and assumptions are detailed from time to time in our filings
with the Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended, and the Securities Act of 1933, as amended. It is
likely that if one or more of the risks materializes, or if one or more
assumptions proves to be incorrect, the current expectations of Plum Creek
and its management will not be realized. Forward-looking statements speak
only as of the date made, and neither Plum Creek nor its management
undertakes any obligation to update or revise any forward-looking
statements.

More information on Plum Creek Timber Co. may be accessed at:
http://www.businesswire.com/cnn/pcl.shtml

Contact:

Plum Creek Timber Company, Inc., Seattle
Investor Relations
Barbara W. Garland, 206/467-3600 or 800/858-5347
www.plumcreek.com